Magnetic Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global magnetic sensor market was valued at USD 2376.48 million in 2020, and it is expected to reach a value of USD 3586.66 million by 2026, registering a CAGR of 6.51% over the forecast period 2021 - 2026. The high usage of magnetic sensors in new navigation devices, presence detection (building automation-related applications), medical areas, and the automotive sector are leading to a paradigm shift in the magnetic sensors market around the world.
Key HighlightsThe magnetic sensors market is highly competitive. The improved manufacturing practices and adoption of TMR technology are poised to offer substantial growth opportunities to sensor fabricators and associated industry participants. The market is identified to be highly technology intensive. Thus, the players in the market are integrating advanced technological products, like xMR, into their product portfolios. These companies include AKM, Infineon Technologies, Allegro Microsystems, Melexis, TDK, Diodes, and Honeywell.
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